Distressed Property Solution

Friday, July 13, 2012

What to Do When Foreclosure Looms

Foreclosure notice is the last thing a home owner would like to receive. Mistakes can happen so when you receive a notice, check for accuracy of the information. It cannot hurt to hope that the notice was sent as an error. Alternatively, once you have confirmed that the foreclosure notice is yours, start making plans and look for options on how to save your home and avoid foreclosure.
Do not ignore the notice. Contact your lender immediately. Gather the documents supporting your financial situation as well as your account information. A record showing payments and amount of payment made can come in handy in determining if the foreclosure is justified. For example, the payments you have made were not recorded properly which resulted in defaulted payments. When you contact your lender be upfront about your financial situation and be prepared to discuss possible options in details.
If the cause of your missed payments is temporary and has been fixed, you can have one of these options: repayment plan, loan modification, forbearance and reinstatement. All these still require you to pay your monthly dues with slight changes to your regular amortization in order to accommodate your financial situation. In the event that you are still unable to pay even with the new payment options being offered you can always borrow money from family and friends. Sometimes, people tend to forget this as their first option because they are ashamed. In as much as possible, you would not want friends and relatives to know the financial difficulties you are having. If they are able, they are the ones most committed to help you out.
Sell your home. In as much as you would like to stay in your home, the best solution for someone facing foreclosure is to sell the home. Assess your finances carefully and if you are clear that you cannot carry the financial load it is better to sell the property and save the equity until you are able to buy a new home. When you are facing foreclosure, the target is not just to sell your home but to sell it quickly. And there is no faster way to sell your home than to sell it to a private land investor. Assess what your home is worth and contact Lucas Properties LLC, a private land investor dedicated to help home owners facing foreclosure. Earn cash from your property and move on with your life.